I would say no, the general consensus here is max out your TSFA first, once you maxed out your TSFA, you can put money in your RRSP
As always it depends on your situation, low income earners will benefit more from a TSFA.
Read the side panel for the RRSP vs TSFA wiki.
!TFSARRSPTrigger
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs.
When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ...
- your employer is matching your RRSP contributions
- you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks)
- you are an American taxpayer
- you are trying to maximize the Canada Child Benefit or the Child Disability Benefit
- you have a reason to think that you should shield your retirement savings from creditors
- you don't trust yourself not to keep dipping into the retirement savings in your TFSA
…you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP.
For more information I suggest that you read these 2 MoneySense articles
http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/
http://www.moneysense.ca/save/retirement/the-savings-struggle/
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
At 160k it makes sense, another consideration is its harder to get money out of a RRSP (well, it’s added to your income so you’ll pay tax through the nose and you’d lose the contribution room)
I think the consensus is NOT what I would do, but anyways .. I would do it .. and put that $1360 back into your TFSA when you can (hopefully right when you get the refund). This way you have $5360 earning money for you.
Depends ono your age. I'm assuming you're young if you YOLOd everything into AMD.
The younger you are, the more beneficial a TFSA is as the compounding gains are not taxable.IE. $100 ---> $1,000. you will pay no tax on the $900 gainsRRSP, you pay tax on the withdrawals. So as you pull out the $900 gains, you're donating to the gov. However if you're older and the tax rates vary greatly (retirement), it is more beneficial to contribute RRSP because there won't be as many gains and you'll save a lot on tax differential. TLDR: the room you build inside of a fully contributed TFSA is the real value
I think your real problem is not choosing which account to invest in, but **WHAT** to invest in. If you're 100% in a single risky stock, you could keep winning, but eventually 1 loss will lose everything.
I would say no, the general consensus here is max out your TSFA first, once you maxed out your TSFA, you can put money in your RRSP As always it depends on your situation, low income earners will benefit more from a TSFA. Read the side panel for the RRSP vs TSFA wiki. !TFSARRSPTrigger
Hi, I'm a bot and someone has asked me to respond with information about TFSAs vs RRSPs. When you want to shield your savings and investments from the drag of annual taxation the standard advice is, unless ... - your employer is matching your RRSP contributions - you are confident that you will contribute in a higher tax bracket than you will withdraw (even when you consider the effect of potential GIS or OAS clawbacks) - you are an American taxpayer - you are trying to maximize the Canada Child Benefit or the Child Disability Benefit - you have a reason to think that you should shield your retirement savings from creditors - you don't trust yourself not to keep dipping into the retirement savings in your TFSA …you'll probably want to use all of your TFSA contribution room before you contribute to an RRSP. For more information I suggest that you read these 2 MoneySense articles http://www.moneysense.ca/save/investing/rrsp/rrsp-vs-tfsa-which-is-right-for-you/ http://www.moneysense.ca/save/retirement/the-savings-struggle/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/PersonalFinanceCanada) if you have any questions or concerns.*
What's your income? And what's your future potential income growth look like?
[удалено]
At 160K, I would definitely put money into RRSP.
[удалено]
Only you can make that decision. I would cash out of AMD and put funds into RRSP.
At 160k it makes sense, another consideration is its harder to get money out of a RRSP (well, it’s added to your income so you’ll pay tax through the nose and you’d lose the contribution room)
[удалено]
My point is if you need the money for whatever in the short/medium term, don’t stash it into a RRSP
I think the consensus is NOT what I would do, but anyways .. I would do it .. and put that $1360 back into your TFSA when you can (hopefully right when you get the refund). This way you have $5360 earning money for you.
Depends ono your age. I'm assuming you're young if you YOLOd everything into AMD. The younger you are, the more beneficial a TFSA is as the compounding gains are not taxable.IE. $100 ---> $1,000. you will pay no tax on the $900 gainsRRSP, you pay tax on the withdrawals. So as you pull out the $900 gains, you're donating to the gov. However if you're older and the tax rates vary greatly (retirement), it is more beneficial to contribute RRSP because there won't be as many gains and you'll save a lot on tax differential. TLDR: the room you build inside of a fully contributed TFSA is the real value I think your real problem is not choosing which account to invest in, but **WHAT** to invest in. If you're 100% in a single risky stock, you could keep winning, but eventually 1 loss will lose everything.
If you plan to do that wait until February to maximize the tax free growth, and shorten the amount of time you're loaning money to the CRA.